| 来源类型 | Discussion paper
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| 规范类型 | 论文
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| 来源ID | DP7854
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| DP7854 On the Long Run Evolution of Inheritance - France 1820-2050* |
| Thomas Piketty
|
| 发表日期 | 2010-06-01
|
| 出版年 | 2010
|
| 语种 | 英语
|
| 摘要 | This paper attempts to document and account for the long run evolution of inheritance. We find that in a country like France the annual flow of inheritance was about 20%-25% of national income between 1820 and 1910, down to less than 5% in 1950, and back up to about 15% by 2010. A simple theoretical model of wealth accumulation, growth and inheritance can fully account for the observed U-shaped pattern and levels. Using this model, we find that under plausible assumptions the annual bequest flow might reach about 20%-25% of national income by 2050. This corresponds to a capitalized bequest share in total wealth accumulation well above 100%. Our findings illustrate the fact that when the growth rate g is small, and when the rate of return to private wealth r is permanently and substantially larger than the growth rate (say, r=4%-5% vs. g=1%-2%), which was the case in the 19th century and early 20th century and is likely to happen again in the 21st century, then past wealth and inheritance are bound to play a key role for aggregate wealth accumulation and the structure of lifetime inequality. Contrarily to a widely spread view, modern economic growth did not kill inheritance. |
| 主题 | Public Economics
|
| 关键词 | Bequest
Capital accumulation
Inheritance
Wealth
|
| URL | https://cepr.org/publications/dp7854
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536691
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推荐引用方式
GB/T 7714 |
Thomas Piketty. DP7854 On the Long Run Evolution of Inheritance - France 1820-2050*. 2010.
|
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